The economy at the end of 2014 [1:50]
In the third quarter of 2014, GDP increased to an unbelievable 5 percent due in a large part to the lower gas prices that are freeing up funds for consumers. We are also seeing real progress for personal income and the stock market has nearly tripled since 2008. Ilyce discusses the job growth, interest rates and housing numbers for the end of 2014 and how these areas will impact the economy going forward into 2015.

5 tips to pay back debt [12:30]
Many Americans will be dealing with the real holiday hangover this month: how to pay back the debt they incurred over Christmas. There’s nothing worse than staring at a credit card bill you can’t afford to pay. Ilyce has 5 strategies for dealing with your unpaid debt this year.

Caller question: do you have any advice for first-time vacation rentals? [16:50]
Investors are really supporting the housing marketplace these days so it’s not a surprise to see new landlords popping up. If you’re trying to establish a vacation rental, the first step is to make a plan to get the word out and vrbo.com is a great place to do that. Listen to the show for a few other tips on how to rent out your property.

Caller question: if I file for personal bankruptcy will it affect my spouse? [21:20]
If your spouse’s name is not listed on any of the credit cards, mortgages or debts alongside yours, it should not affect his or her credit. However, filing for bankruptcy may have ramifications on your future ability to purchase big-ticket items together, such as a home or a car. Listen to the show to understand the nuisances of this decision.

Caller question: I want to retire and pay less for my house. Should I take out a reverse mortgage or sell my home and move somewhere else? [30:27]
Reverse mortgages may sound appealing but you still have to pay property taxes and maintenance on your home. Ilyce explains what happens in a reverse mortgage and why selling, or postponing your retirement a few years, may be the better option.

To hear more real estate advice, including what can happen if you give half of your home over to your parents or what affect millennials have on the success of the housing market, listen to this week’s show.

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Definitioner

Real Estate

Real Estate is land and anything permanently attached to it, such as buildings and improvements.

Mortgage

A Mortgage is a document granting a lien on a home in exchange for financing granted by a lender. The mortgage is the means by which the lender secures the loan and has the ability to foreclose on the home.

Interest

Interest is money charged for the use of borrowed funds. Usually expressed as an interest rate, it is the percentage of the total loan charged annually for the use of the funds.